Confidence in the French manufacturing sector jumped to a near-decade high in August as business leaders revised up their estimations of recent and future production, national statistics agency Insee said Thursday.
The confidence reading rose to its highest level since December 2007, reaching 111 in August, up from 108 in July. Economists polled by The Wall Street Journal had forecast a reading of 108 in August.
The growing business confidence indicates the French economy could sustain the momentum it picked up in the fist half of the year. The latest gross domestic product figures showed economic output rose 0.5% quarter-on-quarter in the second quarter, the same pace set in the previous six months.
A wider measure of business confidence by Insee--including services, retail, wholesale and construction--also rose in August to 109 from 108 in July. A rise in confidence in the services sector helped offset declines in retail and construction.
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(END) Dow Jones Newswires
August 24, 2017 03:20 ET (07:20 GMT)